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Scotland’s new statutory pledge: taking security from individuals and unincorporated organisations
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Soon it will be possible to grant a statutory pledge over Scottish moveable property under the Moveable Transactions (Scotland) Act 2023. Companies and other incorporated bodies will be able to pledge their assets, but s 46 of the new Act restricts individuals and unincorporated organisations from doing so unless acting as a sole trader, a charity trustee or a member of a club or society. This article considers the restrictions that apply under s 46 including the practical issues that arise for lenders when deciding whether to take a statutory pledge from an individual or unincorporated organisation.
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